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Corporate in Financial Distress and Determinant Analysis of Successful Financial Turnaround Ardy Primawan; Nanny Dewi Tanzil; Prima Yusi Sari
Jurnal Akuntansi Vol. 14 No. 1 (2024): Accounting Journal
Publisher : UNIB Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33369/jakuntansi.14.1.9-24

Corporate financial distresses and turnarounds has always been relevant on business literatures because we have seen more than enough corporate bankruptcies over the past decades. Financial distress is a condition of declining financial performance, earlier phase prior to companies experiencing bankruptcy or liquidation. The response to this condition ranges from a denial of the problem, to reducing the scale and scope of operations, all the way to the top change of management and dissolution of corporation. With the complexities of issues and implications associated with financial distresses and the recoveries attempted by corporations, the ability to formulate appropriate strategic responses is becoming very much important for management, researchers and practitioners. This research is focusing on the determinant analysis of multiple organizational factors which are expense retrenchment, profitability, free assets, size, assets retrenchment and leverage on successful turnaround of manufacturing companies listed in Indonesia Stock Exchange (IDX) in research period 2015 to 2019. Data used in this research are secondary ones which obtained from Indonesian Capital Market Directory (ICMD). Financial data from 2015 to 2019 are used to determine financial distresses utilizing Altman’s Z-Score model, and data from 2016 to 2018 are processed as the independent variables. This research takes 125 sample of manufacturing companies which after screening come down to 36 companies in Non-Turnaround (NT) group and 8 companies in Turnaround (T) group. The analysis models used in this study include firm-specific variables from 2016 to 2018 to test the hypotheses. At the 5% level of significance, the logistic regression test showed that the research variables of profitability, free assets and leverage considerably affected the likelihood of a successful financial turnaround, and the prediction accuracy was 87%.

The effect of working capital management and capital structure on firm value through profitability as a mediating variable in manufacturing companies during the COVID-19 pandemic Sari, Dinda Puspita; Sari, Prima Yusi; Cempaka, Adisti Gilang
Journal of Accounting Auditing and Business Vol 8, No 1 (2025): January Edition
Publisher : Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jaab.v8i1.59252

During the COVID-19 pandemic, many companies experienced a decline in performance due to market uncertainty, cash flow limitations, and disruptions to supply chains. Therefore, effective capital management to support company performance became crucial. This study aims to analyze the impact of working capital management (CCC) and capital structure (DER) on firm value (Tobin’s Q) through profitability (ROA) among manufacturing companies listed on the Indonesia Stock Exchange during the Covid-19 pandemic from 2020 to 2022. The sample was selected using purposive sampling, resulting in a total of 118 companies. Data analysis includes descriptive statistics, normality tests, Robust Least Squares regression, coefficient of determination tests, partial tests, path analysis, and Sobel test. The results indicate that the independent variables CCC and DER do not have a direct significant effect on firm value during the Covid-19 pandemic. However, when profitability (ROA) is considered as a mediating variable, both CCC and DER show a negative impact on firm value. Furthermore, the study reveals a differing direct relationship between capital structure (DER) and firm value, where the relationship is positive.

The Influence of Underwriter Reputation and Firm Age on IPO Pricing Decision: A Study on Companies Conducting IPOs on the Indonesia Stock Exchange in 2021–2024 Nathan, Daniel; Sari, Prima Yusi
Journal of Accounting Auditing and Business Vol 8, No 2 (2025): July Edition
Publisher : Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jaab.v8i2.65576

This study aims to analyze the effect of underwriter’s reputation and firm age on IPO pricing decision among companies that went public on the Indonesia Stock Exchange (IDX) during the period 2021 to 2024. A quantitative approach was employed using multiple linear regression to examine the relationships between variables. The study’s sample consists of 229 companies that conducted IPOs within the specified period. The independent variables include underwriter’s reputation, categorized based on transaction volume rankings, and firm age, calculated as the difference between the year of establishment and the IPO year. The dependent variable is IPO pricing decision, represented by the natural logarithm of the offer price. Classical assumption tests and regression analyses were conducted to identify statistically significant influences. The results show that underwriter’s reputation has a positive and significant effect on IPO pricing decision, highlighting the importance of third-party credibility in reducing uncertainty and signaling firm quality to investors. In addition, firm age also has a positive and significant influence, indicating that older firms tend to be perceived as more stable and less risky. Meanwhile, the control variable, institutional ownership, does not show a significant impact. These findings are supported by the results of a difference test, which confirms a significant pricing disparity between companies employing reputable underwriters and those that do not.

Evaluasi Penerapan Whistleblowing System (Wise) Dalam Mencegah Kecurangan (Studi Kasus Pada Kantor Wilayah DJPB Provinsi Jawa Barat) Sulaeman, Iman; Yusi Sari , Prima
Jurnal IAKP : Jurnal Inovasi Akuntansi Keuangan & Perpajakan Vol. 6 No. 1 (2025): Juni
Publisher : P3M Politeknik Negeri Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35314/iakp.v6.i1.426

This study aims to determine and analyze the application of the Whistleblowing System (WISE) in preventing fraud at the Regional Office of the Directorate General of Treasury of West Java Province based on indicators published by the National Committee on Governance Policy (KNKG) in its book entitled Guidelines for Whistleblowing System (WBS). Whistleblowing System is information submitted by whistleblowers regarding actions that are thought to be, are, or have committed violations by employees. The object of this research is the Regional Office of DJPb West Java Province. This research used a descriptive qualitative approach with data collection methods of interviews, observation, documentation, and literature study. The resource persons in this research consisted of 15 (fifteen) resource persons who came from internal and external of the Regional Office of DJPb of West Java Province. This research was conducted from October 2024 to January 2025. The data analysis technique used in this research is based on the Miles and Huberman model, consisting of data reduction, data presentation, and conclusion drawing. The credibility test used in this research is source triangulation. The results of this study indicate that the implementation of the Whistleblowing System at the Regional Office of DJPb West Java Province is well implemented with 87.5% fulfilling the elements in the Whistleblowing System Guidelines - SPP (Whistleblowing System).

Akuntabilitas dan Transparansi Pelaporan Kegiatan dan Laporan Keuangan di Perkumpulan Ruang Belajar Aqil Nurhuda; Prima Yusi Sari
Jurnal IAKP : Jurnal Inovasi Akuntansi Keuangan & Perpajakan Vol. 6 No. 1 (2025): Juni
Publisher : P3M Politeknik Negeri Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35314/iakp.v6.i1.497

This study analyzes accountability and transparency in the activity reporting and financial statements of Perkumpulan Ruang Belajar Aqil, a non-profit organization in Malang City, with the aim of determining whether the reporting meets good principles of accountability and transparency. The research method used is descriptive qualitative with a combined data collection technique (triangulation) through observation, interviews, and documentation. Data analysis includes data reduction, data presentation, and conclusion. The results indicate that Perkumpulan Ruang Belajar Aqil has effectively implemented the principles of accountability and transparency, as reflected in systematic documentation in the Buku Induk, RBA Annual Report, and Financial Statements. To enhance accountability, it is recommended that the organization focus more on the details outlined in the ISAK 35 standard and use accounting software to ensure the security and accuracy of financial reports. Transparency is demonstrated through the dissemination of information on the website and social media. It is also recommended to broaden the information reach by posting accountability reports on bulletin boards and providing physical suggestion boxes and digital platforms. These findings provide insights into improving accountability and transparency in non-profit organizations and offer a model that can be adopted by similar organizations.

ANALISIS KONTRIBUSI PERTUMBUHAN DAN EFEKTIVITAS DIVIDEN BUMD TERHADAP HASIL PAD DI KABUPATEN KARAWANG Oktavianus, David; Sari, Prima Yusi
Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi Vol. 2 No. 8 (2024): Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi
Publisher : Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.572349/neraca.v2i8.2070

Otonomi daerah merupakan prinsip dasar dalam sistem pemerintahan Indonesia. Pemerintah Daerah Kabupaten Karawang dapat memanfaatkan otonomi tersebut untuk meningkatkan dan mengoptimalkan Pendapatan Asli Daerah (PAD). Salah satunya dengan memperoleh pendapatan atas kontribusi Badan Usaha Milik Daerah (BUMD) melalui dividen, yang termasuk dalam PAD pada pos hasil pengelolaan kekayaan daerah yang dipisahkan. Penelitian ini bertujuan mengetahui kontribusi pertumbuhan dan efektivitas dividen BUMD terhadap hasil PAD di Kabupaten Karawang selama tahun 2018 hingga 2022. Metode penelitian yang digunakan yakni kualitatif deskriptif. Hasil penelitian menunjukkan pertumbuhan dividen BUMD tidak berhasil dengan rata-rata 23,28%, kontribusi terhadap PAD rata-rata 0,59% tergolong sangat kurang. Hasil kontribusi pertumbuhan dividen BUMD terhadap PAD menunjukkan tren fluktuatif selama 2018-2022. Sedangkan rata-rata tingkat efektivitas penerimaan dividen BUMD dalam lima tahun sebesar 134,66% dan tergolong sangat efektif. Hasil kontribusi efektivitas penerimaan dividen BUMD berpengaruh terhadap PAD, akan tetapi pengaruh kontribusi dividen BUMD masih tergolong minim. Maka dari itu, diperlukan upaya untuk meningkatkan kontribusi dividen BUMD, restrukturisasi manajemen BUMD, meningkatkan SDM melalui pelatihan, dan pengembangan sistem kinerja BUMD dengan mengadopsi teknologi terkini

The Effect of Financial Slack on Firm Performance with Lender’s Monitoring as a Moderating Variable Oke, Luthfiani Hamzah; Dewi, Tanzil Nanny; Prima, Yusi Sari
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 5 (2025): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i5.5122

This study investigates the effect of financial slack on corporate financial performance, by exploring the role of lender’s monitoring as a moderating variable. Using a quantitative approach and moderated regression analysis, data were collected from 273 non-financial companies listed on the Indonesia Stock Exchange in 2023. The study offers a theoretical contribution by testing the validity of agency theory in an emerging market context such as Indonesia, as well as a practical contribution in evaluating the effectiveness of creditor oversight as a managerial control tool over financial slack. Empirical results show that financial slack has a significantly negative effect on financial performance (ROA), indicating potential managerial dysfunction due to excess liquidity. Meanwhile, lender’s monitoring does not show a statistically significant moderating effect. This study highlights the limitations of external monitoring effectiveness in emerging markets and underscores the importance of adaptive and disciplined financial governance in managing slack resources.

Peran Budaya dan Akulturasi Pada Information Sharing Dalam Aspek Akuntansi Keperilakuan Primayudia, Doddy; Rosdini, Dini; Sari, Prima Yusi
JURNAL MANAJEMEN MOTIVASI Vol 15 No 1 (2019): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Informasi berperan penting dalam membantu manajer untuk mengambil keputusan.Pada satu sisi, karyawan yang berperan sebagai agen pada teori keagenan akan senang dan bangga ketika melaporkan kesuksesan yang mereka raih kepada prinsipal mereka dalam mencapai kinerja yang telah ditetapkan. Di sisi lain, karyawan juga sering menutup-nutupi kesalahan yang mereka perbuat, terutama jika kinerja yang telah ditetapkan dari organisasi tidak dapat tercapai. Penelitian ini bertujuan untuk mempelajari pengaruh budaya dan akulturasi etnis keturunan Tionghoa dalam keiginannya untuk berbagi informasi dalam aspek keperilakuan, dan menjelaskan bagaimana budaya dan akulturasi tersebut mempengaruhi keinginan karyawan untuk berbagi informasi dalam aspek akuntansi keperilakuan. Penelitian ini menggunakan metode eksperimendengan rancangan acak lengkap pola faktorial.Faktor pertama adalah tingkat akulturasi etnis keturunanan Tionghoa yang dibedakan menjadi dua kategori yaitu etnis keturunan Tionghoa Sampel pada penelitian ini adalah etnis keturunan Tionghoa yang memiliki akulturasi rendah (TAR) dan etnis keturunan Tionghoa yang memiliki tingkat akulturasi tinggi akulturasi tinggi (TAT). Faktor kedua adalah keberadaan supervisor yang dibedakan pula pada dua katagori ada supervisor (AS) dan tidak ada supervisor (TAS). Hasil penelitian menujukkan bahwa latar belakang budaya dan tingkat akulturasi etnis keturunan Tionghoa mempengaruhi keinginan seseorang dalam berbagi informasi,dan keberadaan supervisor tidak mempengaruhi keinginan seseorang dalam berbagi informasi.

Evaluasi Penerapan Whistleblowing System (Wise) Dalam Mencegah Kecurangan (Studi Kasus Pada Kantor Wilayah DJPB Provinsi Jawa Barat) Iman Sulaeman; Prima Yusi Sari
Jurnal IAKP : Jurnal Inovasi Akuntansi Keuangan & Perpajakan Vol. 6 No. 1 (2025): Juni
Publisher : P3M Politeknik Negeri Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35314/iakp.v6.i1.426

This study aims to determine and analyze the application of the Whistleblowing System (WISE) in preventing fraud at the Regional Office of the Directorate General of Treasury of West Java Province based on indicators published by the National Committee on Governance Policy (KNKG) in its book entitled Guidelines for Whistleblowing System (WBS). Whistleblowing System is information submitted by whistleblowers regarding actions that are thought to be, are, or have committed violations by employees. The object of this research is the Regional Office of DJPb West Java Province. This research used a descriptive qualitative approach with data collection methods of interviews, observation, documentation, and literature study. The resource persons in this research consisted of 15 (fifteen) resource persons who came from internal and external of the Regional Office of DJPb of West Java Province. This research was conducted from October 2024 to January 2025. The data analysis technique used in this research is based on the Miles and Huberman model, consisting of data reduction, data presentation, and conclusion drawing. The credibility test used in this research is source triangulation. The results of this study indicate that the implementation of the Whistleblowing System at the Regional Office of DJPb West Java Province is well implemented with 87.5% fulfilling the elements in the Whistleblowing System Guidelines - SPP (Whistleblowing System).

Akuntabilitas dan Transparansi Pelaporan Kegiatan dan Laporan Keuangan di Perkumpulan Ruang Belajar Aqil Nurhuda; Prima Yusi Sari
Jurnal IAKP : Jurnal Inovasi Akuntansi Keuangan & Perpajakan Vol. 6 No. 1 (2025): Juni
Publisher : P3M Politeknik Negeri Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35314/iakp.v6.i1.497

This study analyzes accountability and transparency in the activity reporting and financial statements of Perkumpulan Ruang Belajar Aqil, a non-profit organization in Malang City, with the aim of determining whether the reporting meets good principles of accountability and transparency. The research method used is descriptive qualitative with a combined data collection technique (triangulation) through observation, interviews, and documentation. Data analysis includes data reduction, data presentation, and conclusion. The results indicate that Perkumpulan Ruang Belajar Aqil has effectively implemented the principles of accountability and transparency, as reflected in systematic documentation in the Buku Induk, RBA Annual Report, and Financial Statements. To enhance accountability, it is recommended that the organization focus more on the details outlined in the ISAK 35 standard and use accounting software to ensure the security and accuracy of financial reports. Transparency is demonstrated through the dissemination of information on the website and social media. It is also recommended to broaden the information reach by posting accountability reports on bulletin boards and providing physical suggestion boxes and digital platforms. These findings provide insights into improving accountability and transparency in non-profit organizations and offer a model that can be adopted by similar organizations.

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